RiddiSiddhi Bullions DMCC (RSB DMCC) Precious - metals Online Trading (SPOT) system is an over - the - counter, in-house, electronic SPOT bullion-trading system for Gold and Silver in UAE Dirhams.
Is RSBL SPOT an Exchange?
No.RSBL SPOT is not an exchange. It is an OTC based system where trading is done with the intention of taking or giving delivery.
What is the security/margin deposit? Is it refundable?
Security/Margin Deposit is an initial refundable payment when account is opened i.e. AED 5000 minimum. With this margin money in your account you are allowed to trade 1kg of Gold. Please note: the trading limit changes as per the market volatility.
What are the benefits of using RSBL SPOT DMCC?
RSBL SPOT DMCC is a state-of-the-art trading system, which replaces the traditional mechanism of buying bullions over the phone and in turn brings transparency and better pricing in the entire trading system by eliminating intermediaries.
ABOUT TRADING PROCESS
What are the Trading timings?
Monday to Friday - 09:00 hrs to 19:30 hrs
No trading on
Saturday and Sunday.
What do you mean by trading cycle?
Trading on this system is done on T+2 or T+3 trading cycle. T+2 mean trading plus two working days, where the entire trade is completed within three days. For e.g. if the client trades on Monday then maximum by Wednesday (Obligation day), he/she has to transfer the funds and take the delivery otherwise he/she needs to square-off that trade. Similarly, T+3 mean trading plus three working days, where the entire trade is completed within four days.
For further information, kindly check Trading & Delivery Mechanism
What do you mean by two-way Quotes?
Two-way quotes are BID/ASK rates offered by RSB DMCC. Registered clients can buy bullion at ASK rate from RSBL SPOT and also sell bullion at BID rates to RSBL SPOT. In other words, clients are free to buy or sell bullion at BID / ASK rates offered by RSBL SPOT.
What is a limit buy order?
An order to buy a specific quantity at a specific price. Limit Buy order ensures that a person will never pay more than his/her Limit price.
What is a limit sell order?
An order to sell a specific quantity at a specific price. Limit Sell order ensures that a person will never receive less than his/her Limit price.
Can I cancel or change my pricing on my "limit buy order" or "limit sell order"?
Yes, you can change your price or cancel the limit order until it is executed.
What is the form of goods traded on RSBL SPOT DMCC?
Only LBMA Refinery Bars and Dubai Good Delivery Bars are traded on RSBL SPOT.
Can we sell goods back to you, which are bought from you?
Yes, you can sell the goods back to us provided that the delivery is not moved from our vault or you can give us the delivery from the vault of reputed agencies / hand delivery. When you sell Gold Bars, we accept only those ones which are approved under the Gold list of L.B.M.A. (London Bullion Market Associations) or approved as Dubai Good Delivery.
Can I square off the trade position?
Yes, you can square off the trade position on the same day. Any position, which is not squared off on same day till trading hours, will result in compulsory delivery.
Can I withdraw funds from my account at any time?
Yes. However, a written intimation of the same needs to be given to RSB DMCC on your letterhead, a day prior to the withdrawal.
Can I choose a particular trade to square-off with another on RSBL SPOT DMCC system?
Yes you can. However the position has to be squared-off on the same day.
Can I place Limit Order on Overnight Basis?
No. All orders need to be placed during the trading hours. Orders that are not executed will be cancelled after the trading hours.
ABOUT PAYMENT PROCESS
What are the modes of payment in this system?
The modes of payments are:
1. Cheque based.
2. RTGS or NEFT transfer
3. Bank transfer
Photocopy of the same needs to be submitted at RSBL
How quickly will you need my payment?
Payment must reflect in our bank as clear funds within 2 working days after the trading day, failing of which will lead to penalty.
Can I pay for my order with my credit card?
No, we do not accept credit or debit cards as methods of payment.
ABOUT PRICING PROCESS:
Do you add a commission fee to your posted prices?
No, the prices you see are the prices you pay. (Local taxes as applicable and as per contract specification).
Are your prices locked in when I place my order?
Yes. When a deal is confirmed, the price at which you booked your order is the final price even if fluctuations in the market occur afterwards.
ABOUT DELIVERY PROCESS
Can my security/margin deposit be adjusted for Delivery Purpose?
Security/margin deposit will not be adjusted against delivery.
What if I am not able to take the delivery on the Last Day (T+2)?
If the client fails to pick up the delivery on the obligation day, RSB DMCC will be charging a penalty of Rs 1500/- per kg for gold lot per day to the client. But if RSB DMCC fails on its obligation, then we pay Rs 750/- per kg for gold lot per day to Dubai terms.
Can I view my ledger account online?
Following steps help you to view the web-based statements :
Step 1
- Log on to www.rsbl.co.in
Step 2
- Select Backoffice Clients Login in "Login" tab. Access the account by entering your username and password
Step 3
- You can view the statements
MISCELLANEOUS
How do I buy gold from RSBL SPOT ?
Buying precious metals is easier than ever with RSBL SPOT You can place an order request online using RSBL SPOT - our secure, hassle-free online ordering system.
Who can buy from RSBL SPOT ?
Only Registered clients of RSBL SPOT can buy or sell bullions in RSBL SPOT to the extent of limits given as per security deposit.
Can RSBL hold and store my gold purchases?
Yes. RSBL can hold and store your gold purchases at no extra cost- subject to clearance of funds.
There are often different prices for gold in different locations. Why?
1. The natural variation in collective supply and demand of our customers. Occasionally there will be more buyers or sellers in one place than another. Sometimes this creates a clear opportunity to deal in the other location - what market professionals call arbitrage.
2. Physical delivery and storage costs are second cause for different prices. There are expenses involved in taking delivery of bars into vaults, and they vary from market to market and vault to vault. This means physical in-vault ownership may have a slightly higher value at vaults where those higher delivery costs have already been borne.
3. The third reason may be geopolitical. If it were felt by market participants that the jurisdiction in which a vault was operating presented certain extra risks or benefits then this might affect the price.
